Global Pharmaceutical Company Optimises Vendor Records and Becomes SEPA Compliant Pfizer, a highly-valued customer of Citi, had enquired to their relationship manager in

Dublin on how the bank could help them better prepare to become SEPA compliant. The

bank, through their continued relationship and the education of the services provided

around SEPA for corporates, referred Pfizer to Accuity.

Key Challenges

In order to become SEPA compliant, Pfizer faced the task of validating IBANs on over 100,000 vendor records spread throughout Europe. Pfizer also needed to convert the account details on over 100,000 additional vendor records from BBANs into IBANs—most urgently for vendors based in Italy. The prospect of collecting this information directly from the vendors was not an efficient option and therefore turning to a reliable payment data provider that had a history of working with the processing bank, Citi, was

recommended.

Proposed Solution

Accuity’s IBAN Complete screening service was used to validate Pfizer’s vendor records and convert vendors’ legacy account information into IBANs. The project, which covered vendors in 20 different countries, was divided into two phases. The first phase focused on the Italian vendors, converting 7,000 records and validating an additional 3,000. The second phase of the project was conducted over the following 12 months and validated and/or converted Pfizer’s remaining vendor entries which numbered approximately 200,000.

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Accuity’s ability to customise solutions provided us with the flexibility we needed to validate and convert all of our vendor records. This has allowed us to save money and

become more efficient.

Majella Slevin Manager Treasury Projects / Pfizer

Results

The IBAN Complete screening service delivered

a 97% success rate in validating and converting

Pfizer’s vendor records. It eliminated duplicated

records, identified missing or incorrect account

details, converted and validated IBANs for all

SEPA countries, and confirmed the correct

routing BIC for all IBAN records enabling Pfizer

to process IBAN payments for all suppliers and

vendors without incurring delays and charges

from the banks.

Pfizer wanted to become SEPA compliant.

Accuity converted and validated records

for Pfizer and reported a 97% success rate.

Pfizer now has fully-cleansed vendor

database.

Pfizer increased efficiency and reduced

delays and fees.

Accuity & Pfizer

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02.4.14

Benefits

As a result of using Accuity’s IBAN Complete

screening service, Pfizer was able to improve

its payment processing, reduce processing

fees and delays and improve its compliance

with SEPA guidelines. The increased

efficiency of the payment processes has

enabled staff to concentrate on other

areas of the business rather than manually

repairing payments and cleaning up

vendor records.

Pfizer plans to subscribe to Accuity’s Global

Payment File and IBAN File in order to

maintain its vendor records and keep its

rates of payment straight through processing

at their current high levels. The company

also plans to review payment data from other

areas of the business in order to replicate the

success achieved with its vendor files.

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IINDUSTRY: Pharmaceuticals

NUMBER OF EMPLOYEES: 82,000+

Pfizer is one of the world’s largest

research based biomedical and

pharmaceutical companies with corporate

headquarters located in New York and

European Treasury centralised in Dublin,

Ireland. The company has over 81,000

customers in over 150 countries and in

2007 earned $48.4 billion in revenues

and invested $8.1 billion in research

and development.